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This collaboration will support fintechs with the expertise, infrastructure, and rapid go-to-market capabilities needed to navigate the complexities of issuing cards unlocking new opportunities for financialinclusion and digital transformation.
Nigerian fintech Moniepoint has secured investment from digital payments giant Visa , enabling it to continue its mission to ensure financialinclusion for people across Africa. “Visas investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa.
Mexico in Focus: Open Banking and FinancialInclusion A briefing for banks and fintechs, with key insights and details of the opportunities available in LatAm’s third-largest nation. Open Banking represents an important possibility for both financial institutions and the Mexican population.
The current cross-border payment system imposes high costs on businesses and economies worldwide, stifling economic potential and limiting financialinclusivity. Challenges to financialinclusivity Cross-border payment challenges disproportionately affect low-income individuals and small businesses in developing regions.
Vietnam is undergoing a transformation and moving towards becoming a cashless economy, a shift that has been driven by innovative financial solutions and public initiatives, a new report by Chiming, a market research firm focusing on Vietnam and Indonesia, shows. rate in 2023.
The regions strong fundamentals, coupled with a growing digital economy, promise continued growth and innovation in the coming years, a new report by Royal Park Partners (RPP), a fintech-focused corporate finance advisory firm, says. These platforms are bridging credit gaps, playing a crucial role in the supporting local economies.
During the past year we’ve seen some ingenious, innovative solutions addressing financialinclusion, and that will need to continue, says GPS CFO Richard Hodgson.
Agriculture, however, remains the largest contributor to the economy, accounting for nearly half of the GDP and employing two-thirds of the labour force. Developing region As with many developing economies, Myanmar’s informal sector plays a crucial role. The Covid-19 pandemic had a significant impact on Myanmar’s economy.
Financialinclusion is a critical issue, but simply providing access to financial products isn’t enough. True inclusion requires financial literacy, empowering individuals to make informed decisions. AI’s ability to revolutionise money management is undeniable.
Digital-first financial institutions have become key drivers behind cards’ sustained presence and growth in rising economies, according to new data revealed by EBANX , the global payment service provider (PSP). Peru exemplifies this pattern, where EBANX found that 60 per cent of first-time online shoppers use debit cards.
Paysend and Mastercard have partnered to launch Paysend Libre in Mexico in a move to drive financialinclusion in a region where the majority of the population is still underbanked or unbanked. Paysend is taking a lead in financialinclusion throughout the LATAM (Latin American) Region with the launch of Paysend Libre in Mexico.
Africas digital payments economy is set to grow from strength to strength according to a Mastercard-commissioned report by Genesis Analytics stating that the digital payments economy is expected to reach $1.5 trillion by 2030.
Having originally launched in Mexico in February 2024, inDrive Money improves financialinclusion for gig economy workers. Loan payments are automatically deducted alongside the inDrive commission on each ride, enabling drivers to seamlessly manage their finances while continuing to use the app as normal.
Oradian, a fintech firm based in Makati, Manila , has notably improved financial sector access, especially in Southeast Asia. They were key contributors in a panel at the Singapore Fintech Festival , discussing the role of profitable scalability in financialinclusion.
Financial exclusion: A global challenge According to a report by the World Bank , despite rapid advancements in the digital finance ecosystem, 1.4 AI plays a crucial role in fraud detection and compliance, ensuring that financialinclusion does not come at the cost of security. billion adults worldwide remain unbanked.
Nepal’s economy is very much reliant on agriculture. However, recognising a need for change, Nepal is actively aiming to develop its economy and technological capabilities. The post Can Nepal Continue Building Fintech Foundations to Support Economic Development and Growth? How can fintech support its evolution and growth?
Payments innovation in Indonesia holds significant promise for contributing to the nation’s economy and helping bring about a more inclusive, accessible, and equitable financial system. Indonesia also has the largest digital economy in Southeast Asia, a sector that reached a gross merchandise value of US$82 billion in 2023.
The Bank’s fintech investment underscores its commitment to driving digital transformation and fostering financialinclusion across key markets. venture capital firms known for backing global fintech giants like N26 and PayPal, Jingle Pay continues to disrupt the industry.
I hope that today’s call to action acts as a pivotal moment in driving financialinclusion across the sector. Sara Davies said: “By empowering the financially vulnerable with the tools and support they need, we can reduce social isolation, improve mental health problems, and foster a more inclusiveeconomy.
This strategic milestone underscores Mastercards commitment to supporting the country’s growing digital economy by providing innovative financial products and services tailored to the market. Mastercard has expanded its operations in West Africa with the opening of its first office in Accra, Ghana.
At a time when market conditions have led to increased caution toward fintech firms, this partnership is a testament to our strong fundamentals and commitment to financialinclusion. Our investment underscores our confidence in their ability to navigate economic cycles, drive fintech innovation, and continue closing the SME credit gap.
It demonstrates our ability to successfully serve Mobile Network Operators (MNOs) via our fully-fledged processing solutions and our continued dedication and commitment to the African region. We are excited to support MTN Group Fintech’s growth strategy, and its business development plans across the continent.”
Cross-border payment hub, Tranglo , has expanded its footprint in Africa, now supporting payouts in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia as it continues to aim to boost financialinclusion by providing efficient, affordable cross-border payment solutions to the region. per cent in 2024.
UPI has made formal financial services accessible to millions and has had a clear impact on Indias digital economy. Despite these hurdles, the platform continues to grow, largely due to its strong security measures and low costs for users. This positions it to compete effectively with global players like MasterCard and Visa.
Today, we process over one billion transactions monthly, with total payment volume exceeding $22billion; enabling businesses and individuals in Nigeria to digitise their operations and thrive in its rapidly evolving economy. What challenges remain to achieving Moniepoints financialinclusion goals?
Undoubtedly, fintech and payments will continue to serve as pivotal forces shaping the financial landscape, but what trends will define the market next year? Jeff Parker, CEO, says, “Digital payments will continue to grow rapidly, with mobile wallets expected to reach 4.8
Xavier Segura, general partner, Morgan Creek Digital Xavier Segura , general partner, Morgan Creek Digital added: “As Latin America’s Web3 startup ecosystem continues to evolve and mature, we are looking forward to supporting the founders that have joined the programme.” The selected teams were chosen from applications across the region.
It demonstrates our ability to successfully serve Mobile Network Operators (MNOs) via our fully-fledged processing solutions and our continued dedication and commitment to the African region. We are excited to support MTN Group Fintech’s growth strategy, and its business development plans across the continent.”
From digital payments to decentralised finance (DeFi), these companies are solving real-world challenges like financialinclusion and cross-border transactions, while setting new global standards for innovation. Each plays a key role in transforming how Indonesians save, spend, invest, and access financial services.
Payment trends in Asia are changing how businesses and people transact from the digital-first economies of China and Singapore to the quickly changing markets of Indonesia and Vietnam. This article explores five key trends changing how we pay today while pushing the narrative for a more efficient, powerful financial ecosystem in Asia.
Senegal is one of many countries across the Middle East and Africa trying to diversify its economy and future-proof itself by hosting financialinclusion by employing fintech solutions. Historically, Senegals economy has centred around agriculture, particularly peanuts.
Small and medium enterprises (SMEs) are the backbone of emerging economies. In many regions, they create jobs, drive innovation, and stimulate local economies. Yet, they often face financial challenges, struggling to access credit, manage cash flow, and navigate complex financial systems.
Following the collapse of Soviet control, Mongolia rapidly transitioned to a free-market economy by 1992, embracing economic reforms that opened the door to global trade and investment. Mongolia is currently classified as a lower-middle-income economy, with a gross domestic product (GDP) per capita exceeding $5,000.
GXS Bank , a partnership between Grab and Singtel, focuses on financialinclusivity for underserved groups, such as gig economy workers and young professionals. By aligning financial products with everyday needs, it simplifies banking for the average consumer. removing minimum deposit requirements.
Throughout January, The Fintech Times has been exploring the theme of ‘fintech for good,’ focusing on how fintech solutions support financialinclusion. Scotlands financial and professional services sector contributesover 14billion annuallyto the UK economy and employs 160,000 people.
Mike Camerling, CEO, Aevi Mike Camerling , CEO said: “The incident has underscored the critical need for resilience, especially in industries like payments, where operational continuity and consumer trust are paramount. ” EV payment anxiety continues to be a concern. How should businesses address this?
Produced in collaboration with The Centre for Economics and Business Research , the second ‘ Real-Time Payments: Economic Impact and FinancialInclusion ‘ report from ACI Worldwide reveals an empirical link between real-time payments and financialinclusion. By 2028, 167.2 By 2028, 167.2
This move aligns with the strategic goals of the Iraqi government and the central bank to enhance financialinclusion and expedite the digital transformation of the national economy. The post ZainCash Adopts Temenos Technology to Expand FinancialInclusion in Iraq appeared first on The Fintech Times.
Although the number of innovators and innovations continues to grow, there is not enough capital to accelerate all of their developments – this is where corporate venture capital (CVC) from abroad can become a lifeline. Many large corporations want to gain an edge against their competitors. It creates a big barrier for individuals.”
ACI Worldwide’s second Real-Time Payments: Economic Impact and FinancialInclusion report leverages data from 40 countries and reveals—for the first time—an empirical link between real-time payments and financialinclusion. Top five countries for financialinclusion uplift (number of newly banked citizens): Pakistan – 63.5
Unlike GenAI, which operates within predefined parameters, Agentic AI systems possess the capability to make independent decisions, learn from real-time data, and autonomously execute complex tasks without continuous human oversight. People no longer want to just be handed tools to manage their money.
The country is focusing on fintech solutions like mobile payments and cross-border systems to boost financialinclusion and economic growth. Economic reforms in the 1980s, known as the ‘New Economic Mechanism,’ helped shift the country from a centrally-planned to a market-oriented economy.
Eighty-three per cent of firms indicated that digitisation will be key for growth, as they focus on enhancing digital payments, financialinclusion and sustainability initiatives. As digital transformation accelerates, SMEs are unlocking new opportunities through digital payments and financialinclusion. ” J.K.
The report leverages data from 40 countries and reveals for the first time an empirical link between real-time payments and financialinclusion. Real-time payments act as a powerful catalyst for economic growth and societal transformation in modern, digital economies. Moreover, over the next four years, 167.2
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